The or single brand luxury stores, they have dotted

The Indian retail industry
has evolved as one of the most enterprising and fast-growing industries due to
the entry of several new players. It accounts for over 10 per cent of the
country’s Gross Domestic Product (GDP) and around 8 per cent of the employment.
India is the fifth-largest world’s global
destination in the retail space. India’s
retail market is expected to nearly double to US$ 1 trillion by 2020 from US$
600 billion in 2015, driven by income growth, urbanisation and attitudinal
shifts. While the overall retail market is expected to grow at 12% per annum,
modern trade would expand twice as fast at 20 per cent per annum and
traditional trade at 10%. Retailing in India is the main pillar of its economy
and accounts for 14% to 15% of its GDP. The gradual growth in GDP and
the purchasing capacity of Indians provides
an excellent opportunity for organized retailing. The mark able growth of the
Indian economy is the driving force for Indian consumerism. Projections by
analysts suggest that India has the potential to be labelled the
fastest-growing economy and outpace the developed economies by 2050. India
presents a significant market with its young population just beginning to
embrace significant lifestyle changes. The demographic and economic facts
widely quoted are undoubtedly impressive but in order to assess the true nature
of retail opportunities, we need to understand the deep transformation that is
occurring in Indian consumer behaviour due to changing lifestyles, rising
aspirations and the emergence of a dynamic youth culture. Against the backdrop
of an accelerating modern retail revolution, India offers to be an attractive
destination for global corporations and leading retailers seeking emerging
markets overseas. Retailing in India is receiving global recognition and
attention and this emerging market is witnessing a significant change in its growth
and investment pattern. The Retail sector is vibrant with growth happening in
all related areas – be they malls, hypermarkets or single brand luxury stores,
they have dotted the commercial landscape of the metros, and have even percolated
to the Tier II and Tier III cities. It is not just the global players like
Wal-Mart, TESCO and Metro group are eying to capture a pie of this market but
also the domestic corporate behemoths like Reliance, KK Modi, Aditya Birla
group, and Bharti group too are at some stage of retail development. Reliance,
announced that it will invest $3.4 billion to become the country’s largest
modern retailer by establishing a chain of 1,575 stores. Development of mega
malls in India is adding new dimensions to the booming retail sector. Shopping
experience in the nation of shopkeepers is changing and changing very fast.
Malls are fast becoming sought-after entertainment hotspots.

Generation Y consumer in India is member of millennial i.e. born after
1980 those who are digitally connected, ambitious in lifestyles choices and are
equally represented across gender. Generation Y consumers shows specific
characteristic while shopping like using multiple channels in the shopping
experience, seeking information from various sources, increasing two way
engagement with retailers, stressing on brands and still value conscious. Generation
Y comprises those individuals born roughly between 1980 and 2000. The starting
dates of 1977-1982 to the ending dates of 1994-2003, define the age parameter
of Generation Y (Win Shih & Martha Allen 2007). They are the progenies of
the baby boomers who were observed as highly child-centred, attentive and
competitive parents. Gen Y has grown up in a briskly changing technical realm
where change occurs at a speed well beyond the realization pattern that history
predicts (Anita Weyland 2011). The careful examination of generational
variances in the organizations. Their research proposed that firms must take
cognizance of the influence of the work preferences and values of the next
generation on organizational outcomes. As per them, it helps in retaining staff
and grooming future leaders. It may also be proposed that organizations’ lack
of success in employee retention, as an offshoot of talent management, may be
wedged by the extent to which the employers and HR professionals understand and
address generational differences in goals, values and preferences (Jeanne H.
Yamamura & James W. Westerman 2007). This enormously powerful cohort of Gen
Y, in terms of its sheer size and being brought up during times of pecuniary
prosperity believe in collaborative approach, empowerment, are highly social
and team focused and are better networked (UN report 2010). They strongly
demand workplace associations that cater to their specific needs of work life
balance, social networking and civic engagement. The eco-educated millennial
generation or the generation-Y (mainly between the age bracket 20-25 years) are
the most responsive to retail marketing because of their better education,
techno-savvy approach and willingness to pay more for globalised products.

We Will Write a Custom Essay SpecificallyFor You For Only $13.90/page!